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. >> reporter: last quarter, defense spending fell off the fiscal cliff. as lawmakers bickered, manufacturers who make things for the pentagon cut back production sharply-- defense spending fell 22% in the latest g.d.p. report, tipping the economy into the red. >> certainly manufacturers are pulling back and i think this is a bit of a wake up call that these cuts are real and that they have real effects on the economy. >> reporter: economists and markets did not panic over the drop into the red, because the economy is still showing signs of solid growth. businesses are still buying equipment and software. housing continues to bounce back. and consumer spending held up well, expanding at an annual rate of 2.2%. >> so if you look through some of the volatile components, demand underneath was solid and it doesn't suggest the economy is losing momentum. so a scary headline number isn't as bad as it seems when you look underneath. >> reporter: and that's what economists say federal reserve policy makers did. after studying the economy for two days, chairman ben
. >> reporter: last quarter, defense spending fell off the fiscal cliff. as lawmakers bickered, manufacturers who make things for the pentagon cut back production sharply-- defense spending fell 22% in the latest g.d.p. report, tipping the economy into the red. >> certainly manufacturers are pulling back and i think this is a bit of a wake up call that these cuts are real and that they have real effects on the economy. >> reporter: economists and markets did not panic over the...
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Jan 30, 2013
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israel has stepped up its borders, building its defense along the golan. both sides have warned each other that they will not tolerate any attacks on their territory. this was the big concern that president assad would try to divert attention from the disarray among arab states and the number of ad asserts that he has and focus attention on the jewish state. it is a very dangerous game because israel has made it clear that whether it comes from lebanon or syria, it will retaliate with the full force that has and it does have a lot of force. >> the regional implications of this. thank you. inside of syria, conditions are worsening and opposition fighters are going to dangers links to win the war. that includes building weapons. they have seen evidence on how the syrian forces have made their weapons. >> somewhere near the border, the free syrian army is trying to get its chemistry exactly right. with the help of the a bit old- fashioned force. here, they mix the are the stages of nitroglycerin, using ingredients they have made themselves. the rebels insist
israel has stepped up its borders, building its defense along the golan. both sides have warned each other that they will not tolerate any attacks on their territory. this was the big concern that president assad would try to divert attention from the disarray among arab states and the number of ad asserts that he has and focus attention on the jewish state. it is a very dangerous game because israel has made it clear that whether it comes from lebanon or syria, it will retaliate with the full...
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Jan 31, 2013
01/13
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>> defense spending is government spending. government spending is down. >> i don't know what to tell you, $900 billion, this quarter, last quarter, it was $840 billion. we actually increased in spending. >> if you look at it, this economy is going down the tubes. [talking over each other] [talking over each other] charles: the issue is really taxes. yesterday we saw a consumer confidence report that was significantly below expectations and the key reason was that people saw their paychecks and they were promised no middle-class tax hikes and that's exactly what they get when the payroll tax came back. now they are not sure. it seems like a very good thing. >> it is a dangerous thing. >> we shouldn't think about this if they can't manage the money efficiently. the psychological effect of getting the first paycheck and realizing that i don't know how i will make ends meet or not. it is antagonistic towards business since the beginning. it's going to be huge problem.
>> defense spending is government spending. government spending is down. >> i don't know what to tell you, $900 billion, this quarter, last quarter, it was $840 billion. we actually increased in spending. >> if you look at it, this economy is going down the tubes. [talking over each other] [talking over each other] charles: the issue is really taxes. yesterday we saw a consumer confidence report that was significantly below expectations and the key reason was that people saw...
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Feb 3, 2013
02/13
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we have this big mysterious bounce up in defense spending. government spending in general, seems mysterious in the third quarter. then it disappears in the 40 quarter. if you average those two, ditto with inventory. acouple lakes and decumulation. if you average those two, it looks like it's been looking like a sort of a 2% minus growth trajectory, which is, you know, fa from zero but not very good. >> what do you think? >> i agree with alan. i think we are growing at around 2% and the fourth quarter will turn out to have been an outliar with a minus 0.1%. i personally think as the year goes on, 2013, and we get towards the end, you're going to begin to pass out of this four to five-year period where the dominant force was the head winds triggered by 2008 and we're going to move into a somewhat better period of growth. i think once we turn the corner that way, the risks may be on the upside. >> okay. meanwhile, throughout all of this and this uncertainty, the markets have been on a tear. so much money moving into equitys and you're seeing eve
we have this big mysterious bounce up in defense spending. government spending in general, seems mysterious in the third quarter. then it disappears in the 40 quarter. if you average those two, ditto with inventory. acouple lakes and decumulation. if you average those two, it looks like it's been looking like a sort of a 2% minus growth trajectory, which is, you know, fa from zero but not very good. >> what do you think? >> i agree with alan. i think we are growing at around 2% and...
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Feb 3, 2013
02/13
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i think on march 1 we begin at least on defense and discretionary spending. if there's enough squawking maybe by late spring, early summer it gets undone. we'll have that. still some head winds. there is this and the higher payroll tax. maybe first rate growth is a little slow but by the second half, things could be looking much better. >> this week, we moved closer to the unthinkable. the sequester that president obama promised us would never happen. listen just a few months ago. >> first of all, the sequester is not something that i proposed. something that congress has proposed. it will not happen. >> i don't know, that could be the one election promise the president fails to keep. the sequester a part of the decision on march 1st. what happens if the sequester happens? >> well, in fairness, i think that clip was about that the sequester would not happen on january 1st because he was saying they would be able to reach some kind of agreement. they reached an agreement to kick things down the road. >> he didn't say january 1st. he said the sequester will not
i think on march 1 we begin at least on defense and discretionary spending. if there's enough squawking maybe by late spring, early summer it gets undone. we'll have that. still some head winds. there is this and the higher payroll tax. maybe first rate growth is a little slow but by the second half, things could be looking much better. >> this week, we moved closer to the unthinkable. the sequester that president obama promised us would never happen. listen just a few months ago....
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Jan 30, 2013
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jodi arias says it was self-defense. her lawyers won't have an easy time trying to prove this thing. a bullet casing, a bloody print and a camera points it at her. former new york city prosecutor and criminal defense attorney is here. here's the thing. whenever i get into a courtroom and i hear a murder case with somebody who lied not once, not twice, not three times but a whole lot of times and then when confronted with evidence that is basically irrefutable, your bloody hand print on the wall, they tell a different story like self-defense. what shot does she have? >> doesn't look like she has much of a shot. you started talking about casey anthony. there's a case where everyone thought she had no shot ever and she was acquitted. often in battered women cases, real batteredomen cases, they tell a story different at the beginning of the investigation than is often the story in front of the jury out of fear or out of other reasons and sometimes juries accept that. this is not uncommon this defense but it's not o suften su
jodi arias says it was self-defense. her lawyers won't have an easy time trying to prove this thing. a bullet casing, a bloody print and a camera points it at her. former new york city prosecutor and criminal defense attorney is here. here's the thing. whenever i get into a courtroom and i hear a murder case with somebody who lied not once, not twice, not three times but a whole lot of times and then when confronted with evidence that is basically irrefutable, your bloody hand print on the...
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i think on march 1 we begin at least on defense and discretionary spending. if there's enough sidewalking maybe by late spring, early sum eshg it gets undone. we'll have that. there's still some headwinds. there's this and the higher payroll tax. maybe first-half growth would be a little slow but i think the storm is sending us a message that by the second half things could be looking much better. >> this week, austin, we moved closer to the automatic across the board spending cuts, the sequester that president obama promised us would never happen. listen a few months ago. >> first of all, the sequester is not something that i propose, it's something congress has po pro-posed. it will not happen. >> i don't know, austin. that could be the one election promise the president fails to keep, the sequester a critical part of the fiscal cliff punt that delayed a new year's decision on those cut on march 1st. what is if the sequester happens? >> well, in fairness, i think that cliff was about the that the sequester would not happen on january 1st, because he was say
i think on march 1 we begin at least on defense and discretionary spending. if there's enough sidewalking maybe by late spring, early sum eshg it gets undone. we'll have that. there's still some headwinds. there's this and the higher payroll tax. maybe first-half growth would be a little slow but i think the storm is sending us a message that by the second half things could be looking much better. >> this week, austin, we moved closer to the automatic across the board spending cuts, the...
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Jan 30, 2013
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the department of defense and nasa are california testing a new type of aircraft that can access remote areas of the world that right now are not accessible. the limp like kraft could move more cargo than modern planes. taking food, supplies to disaster areas. 35 money in dollars has been spent so far on it. it looks like las vegas and not have a merry christmas. a drop in passengers arriving and departing from the city. 3.2 million passengers used the vegas airport last month, a drop from december of 2011. and that is your "west coast minute." dennis p. at dennis: let's turn back to that shocker on the gdp shrinking in the fourth quarter. cheryl: we have main street perspective. jeff: something easy and no other network, what is main street really thinking about these numbers. i am one main street. this is a shop called marseilles, a unique place. i will tell you why in just a moment. tallying up the trillions in stimulus that has led to this gdp number. there was a kkr report last we week, $7.7 trillion worth of stimulus. if you look at everything from qb which is almost off of our ch
the department of defense and nasa are california testing a new type of aircraft that can access remote areas of the world that right now are not accessible. the limp like kraft could move more cargo than modern planes. taking food, supplies to disaster areas. 35 money in dollars has been spent so far on it. it looks like las vegas and not have a merry christmas. a drop in passengers arriving and departing from the city. 3.2 million passengers used the vegas airport last month, a drop from...
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Jan 30, 2013
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automatic cuts to defense and social programs could go into effect march 1st if there is no deal. as the nation's biggest biotech firms continue to push against generic drugs, the companies are taking the fight to a new arena - state legislatures. the new york times reports that drug companies are lobbying hard for new laws that would limit a pharmacist's abilitiy to fill prescriptions with generic versions of the most profitable drugs. bills have been introduced in 8 states. generic drug companies, as well as insurers, are taking steps to try and curtail the bills. federal regulators crack down on an alleged fake flu remedy. in the midst of one of the worst flu seasons in recent memory, a florida company has been selling an untested inhaler. both the federal trade commission and the fda sent a warning letter to the flu and cold defense company about its germ bullet inhaler, saying the company's claims are misleading and its effectiveness is not proven. consumers are hearing big promises about their tax returns this year. the better business bureau warns, just because the person p
automatic cuts to defense and social programs could go into effect march 1st if there is no deal. as the nation's biggest biotech firms continue to push against generic drugs, the companies are taking the fight to a new arena - state legislatures. the new york times reports that drug companies are lobbying hard for new laws that would limit a pharmacist's abilitiy to fill prescriptions with generic versions of the most profitable drugs. bills have been introduced in 8 states. generic drug...
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Jan 30, 2013
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i think investors shouldn't go to cash yet or get defensive. there's still sort of positive momentum in the market. we don't think enough investors own enough stock, so that's why the market sort of levitates from here. liz: now is not the time to sort of build up because in four to six weeks you expect how much of a correction? >> that's the tougher part. there's an argument that can be made that could be quite shallow, 3, 4 percent which anyone could bear or it could be more severe of the 10 percent kind. i think it depends on how extended we get over the next four to six weeks. liz: are you surprised things settled down in europe, settled down after the fiscal cliff drama at the end of the year and the market is still holding up well in light of at least headline news that looks a little frightening? >> yes and no. i think the fact we have had some bad news and the market has taken it in stride is really highlighting how underinvested most investors are. liz: tell us how to get more invested once we're through that correction that you do pre
i think investors shouldn't go to cash yet or get defensive. there's still sort of positive momentum in the market. we don't think enough investors own enough stock, so that's why the market sort of levitates from here. liz: now is not the time to sort of build up because in four to six weeks you expect how much of a correction? >> that's the tougher part. there's an argument that can be made that could be quite shallow, 3, 4 percent which anyone could bear or it could be more severe of...
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Jan 30, 2013
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we ask the general what defense means for our security. charles payne always says to watch a stock after the chief steps down. so take a look at chesapeake energy. the top guy will retire as chief executive on april 1, aubrey mcclendon invested personally in the company drilling operations and is under investigation for mixing personal and company business. he is leaving taking a golden parachute of $50 million that goes with him. so let's see how the stock performs today. this is do-or-die day for research in motion. we will ask if it is good enough to save rim. and what happened between jon stuart and rob custis on "the daily show" last night? twins. i didn't see them coming. i have obligations. cute obligations, but obligations. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes inv
we ask the general what defense means for our security. charles payne always says to watch a stock after the chief steps down. so take a look at chesapeake energy. the top guy will retire as chief executive on april 1, aubrey mcclendon invested personally in the company drilling operations and is under investigation for mixing personal and company business. he is leaving taking a golden parachute of $50 million that goes with him. so let's see how the stock performs today. this is do-or-die day...
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Jan 30, 2013
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representing.2 million shares, we would be disappoint fed the board adopted a defensive posture and forced a proxy contest. a $22 million market cap company that some feel underperformed many pierce. not to demand that the acreage that it owns and is worth a lot more. that changed the last couple of days since the stock soared monday on news they would be get out of refining business and on news from elliott as we hauch hess shares. together, elliott on, what about, 22 million or so, 23 million shares. almost equal to the 10% chairman and ceo john hess. >> and they made a lot of business in the terminal business. david, breaking news on hess. thank you, david. >>> coming up, a quick preview of facebook earnings. they are due out tonight. >> indeed they are. plus, it is time for you at home to take a bow for helping cnbc meet a huge milestone. but we can still help you see your big picture. with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's analytics to spot trends, gain insights, and figure out what you want to do next. all in one place. i'm m
representing.2 million shares, we would be disappoint fed the board adopted a defensive posture and forced a proxy contest. a $22 million market cap company that some feel underperformed many pierce. not to demand that the acreage that it owns and is worth a lot more. that changed the last couple of days since the stock soared monday on news they would be get out of refining business and on news from elliott as we hauch hess shares. together, elliott on, what about, 22 million or so, 23 million...
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Jan 31, 2013
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so the administration gives out the excuses, the big storm, sandy, a drop in defense spending that's why things are going badly now. in previous years it was the fault of japan's tsunami or the slowdown in europe or those republicans or the downgrade or president bush or the arab spring, the list goes on and on. but what president obama will never do is admit the truth, which is, we are in a mess because government spending does not produce growth and prosperity. and that has been the president's policy. all government, all the time. spend, spend, spend. take it from this group and give it to that group and he will then vote you in for a second term. the measure of failure is the size of the debt. president obama has added 5 1/2 trillion in four years. that is astronomical. what have we got for it? an economy that is now shrinking, again. enough with the excuses. face reality. change course. the private sector, that's what he should do, but he won't. all stations come over to mission a for a final go. this is for real this time. step seven point two one two. rify and lock. command is
so the administration gives out the excuses, the big storm, sandy, a drop in defense spending that's why things are going badly now. in previous years it was the fault of japan's tsunami or the slowdown in europe or those republicans or the downgrade or president bush or the arab spring, the list goes on and on. but what president obama will never do is admit the truth, which is, we are in a mess because government spending does not produce growth and prosperity. and that has been the...
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Jan 30, 2013
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he erved until he left ot become the secretary of defense. >> we were in the '60s yesterday. we will be flirting with zero by friday morning. it is a long process. in our area and has been ringing off and on. we're getting close to the mix of precipitation. some violent thunderstorms coming up the warm sector of the storm. at least one fatality in georgia as a result of thunderstorms. and the chicago area there is our skyline. griffith indiana is still in the '40's. 31 tat mchenry. patches of light snow will be moving in. the rain will linger. it will not get there until later in the afternoon. just flurries expected for tonight. the big storm left out. the canadian high pressure of four to gordon comes in. plus a little weather system coming out of montana. that is the next chance of light snow. clouding over friday and may be flurries in the afternoon. the patch of light snow at night. severe weather up and down the east coast. 15 is all we will see tomorrow. 14 on friday. 27 saturday. the upper 30s on monday. >> thank you for joining us.
he erved until he left ot become the secretary of defense. >> we were in the '60s yesterday. we will be flirting with zero by friday morning. it is a long process. in our area and has been ringing off and on. we're getting close to the mix of precipitation. some violent thunderstorms coming up the warm sector of the storm. at least one fatality in georgia as a result of thunderstorms. and the chicago area there is our skyline. griffith indiana is still in the '40's. 31 tat mchenry....
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Jan 30, 2013
01/13
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the defense attorney mentioned terrible tragedies. he told the judge, this is not columbine, this is not newtown. this is a dumb man who made a horrible mistake. he is not an evil person, a young man crying out for help. the attorney claims his client had been bullied and called names such as greek and weird -- freak and weirdo. a psychologist described his extreme people this toward school and said he had a homicidal and suicidal thoughts, believing light was -- life was pointless. also, he which -- wished the situation had never happened. prosecutors asked about a police videotape in which he expressed no remorse. how he was suspended in middle school for making threats and admitted to writing an online death threat, allegedly parting -- targeting a student he a bully. one doctor claimed he suffered from a major depressive disorder. we will have more in testimony tomorrow. >> thank you. new at this hour, the co-owner of a popular federal hill restaurant is no longer facing charges of rape. earlier this month when police arrested thi
the defense attorney mentioned terrible tragedies. he told the judge, this is not columbine, this is not newtown. this is a dumb man who made a horrible mistake. he is not an evil person, a young man crying out for help. the attorney claims his client had been bullied and called names such as greek and weird -- freak and weirdo. a psychologist described his extreme people this toward school and said he had a homicidal and suicidal thoughts, believing light was -- life was pointless. also, he...
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Jan 30, 2013
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the department of defense is likely to take a hit. they could see $55 billion in cuts over the next 10 to 11 years. hire in garrisonville they get a lot of business. >> he gets 2300 b.a.x, but only wanded to spend 19. >> others are usually the places they scale back first. >> i have a come -- >> here at the salon, they have not seen any fiscal fear factors yet among the customers. the owner is not biting her nails in anticipation of the worst. >> i hope nothing bad happens. >> the big defense contractors can -- but not so for the small businesses. certainly more optimistic than most we encountered. >> people have been anticipating this and not spending money. on the other hand, i feel quite confidence about the future. >> reporter: as for those who have seen fiscal fear, there's hope there too. >> just pray for the best. >>> a cold case murder and two rapes in prince george's county all solved. a man already behind bars will now spend of rest of his life there. the prince george's county state's attorney's office hess dna linked thoma
the department of defense is likely to take a hit. they could see $55 billion in cuts over the next 10 to 11 years. hire in garrisonville they get a lot of business. >> he gets 2300 b.a.x, but only wanded to spend 19. >> others are usually the places they scale back first. >> i have a come -- >> here at the salon, they have not seen any fiscal fear factors yet among the customers. the owner is not biting her nails in anticipation of the worst. >> i hope nothing bad...
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Jan 30, 2013
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this was the worst die klein in national defense spending since 1972. okay? what's going on here? really there's an interesting side note here which is why the street can't do a better job and i mean the forecasters figuring out what's going to happen with defensemen. there were some guys who understood it. the guys who do the bottoms-up stuff seem to have done a better job. >> let me ask you this. will the fed be as dismissive so to speak as the numbers today as the market appears to be? you know what i mean. the market doesn't seem to care about this negative print. >> can i just ask the guys this question? what is the market doing today? >> flat. >> i know that. but what -- it's had a nice run-up and now it's flat. is this a day it would have been up if gdp had been in line? >> you would think so. >> i think the market's waiting for the fed actually. think right now there's a bit of uncertainty. let's see what they're going to say. >> we know what they're going to say, don't we, steve? >> let me go backes to my question. if i told you this was still a 2% economy, would you be b
this was the worst die klein in national defense spending since 1972. okay? what's going on here? really there's an interesting side note here which is why the street can't do a better job and i mean the forecasters figuring out what's going to happen with defensemen. there were some guys who understood it. the guys who do the bottoms-up stuff seem to have done a better job. >> let me ask you this. will the fed be as dismissive so to speak as the numbers today as the market appears to be?...
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Jan 30, 2013
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the nfl coming to her defense. >> yeah, there was a bunch of stories out beyonce was acting like a crazy super diva and setting to prepare the superbowl half-time performance and saying she wanted blue ivy's nursery at the stadium like at a certain degree and just all these crazy diva demands. we called the nfl and asked them what was going on and said that is not true. those are all lies, fabrications. she has been nothing but a dream to work with. she's been awesome every step of the process. couldn't have asked for a better person. they are shooting down any bad rumors. >> do people enjoy hating her? it's like one thing after the other. >> of course they love hating on her. when you get that famous sometimes people like to try to knock you down. >> let's talk about chris brown and frank ocean. are we done? >> yes. >> frank ocean and -- i don't understand what we're doing now. >> i think we've ran out of time. we talked way too much about lindsay apparently. thanks dax. >> bye. >> now, you can talk. >> now what? what do we do now? >> a photo of justin bieber and a fan has the internet
the nfl coming to her defense. >> yeah, there was a bunch of stories out beyonce was acting like a crazy super diva and setting to prepare the superbowl half-time performance and saying she wanted blue ivy's nursery at the stadium like at a certain degree and just all these crazy diva demands. we called the nfl and asked them what was going on and said that is not true. those are all lies, fabrications. she has been nothing but a dream to work with. she's been awesome every step of the...
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Jan 30, 2013
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. >> reporter: but defense attorney dan hawes is calling for a mistrial telling the judge that there is no doubt his client has not received a fair trial. harmon-wright was escorted back to jail. the jury foreman admitted to bringing in the dictionaries and thesaurus. she asked the bailiff if it was okay and he said yes. the mistrial motion will be taken up friday. >> culpeper sheriff scott jenkins said there was no mistake on the part of his bailiff, only a misunderstanding on the part of the juror who brought in the diction part. they are allowed to bring in books to help pass the time but nothing allowed to help reach a verdict except what the court gives them. >>> a 15-year-old honor student who performed during president obama's inauguration is being mourned tonight. adia pendleton was gunned down in a park blocks from her chicago school. the teen was part of the chicago drill team that marched in inaugural parade and her godfather said she had dreams of becoming a doctor or lawyer. police say there is no indication that she was the intended target of the shooting. >>> a water m
. >> reporter: but defense attorney dan hawes is calling for a mistrial telling the judge that there is no doubt his client has not received a fair trial. harmon-wright was escorted back to jail. the jury foreman admitted to bringing in the dictionaries and thesaurus. she asked the bailiff if it was okay and he said yes. the mistrial motion will be taken up friday. >> culpeper sheriff scott jenkins said there was no mistake on the part of his bailiff, only a misunderstanding on the...
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Jan 31, 2013
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but the comments that were made by the defensive back for the 49ers, they are just ignorant. we all know the situation that they are in such a macheesemo environment, i want to say that i understand but i don't. >> if someone came to you and said, coy, i'm gay, i'm thinking about being the first person to come out, would you say, it might be better to wait ten years? >> i'm a firm believe in being who you are. as a team captain on every team that i've ever been a part, i've always been there for my teammates regardless of their sexuality. it makes no difference how you perform on the football field and some of the toughest, strongest men i know are gay. >> all right. thank you very much. eloquently put. >>> the blackberry z10 does not hit stores until march. but we have one to show you tonight. our sneak peak is "outfront" next. ♪ (train horn) vo: wherever our trains go, the economy comes to life. norfolk southern. one line, infinite possibilities. music: "make someone happy" music: "make someone happy" ♪it's so important to make meone happy.♪.♪it's so e ♪make just
but the comments that were made by the defensive back for the 49ers, they are just ignorant. we all know the situation that they are in such a macheesemo environment, i want to say that i understand but i don't. >> if someone came to you and said, coy, i'm gay, i'm thinking about being the first person to come out, would you say, it might be better to wait ten years? >> i'm a firm believe in being who you are. as a team captain on every team that i've ever been a part, i've always...
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Jan 30, 2013
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what about defense stocks? >> yeah. i think when you look at the complexion of the fiscal conservatives and how small of an appearance they have in the two houses and, of course, none in the white house, that the sequester represents the only spending cuts they are going to be able to tactically do, and i think it has to be perceived in that way. >> isn't it interesting, eric, that at this point we're really not talking about the dysfunction in washington as much as we were even though we do have the debt ceiling fight on the horizon. that's taken a back seat to this momentum in stocks. >> yeah, absolutely. i think that investors should be braced for a potential pullback, but trying to trade it i think is perilous. look, would i have expected a fairly significant pullback in december based on the uncertainty of the fiscal cliff debate. it didn't happen. i think that we were at that time telling our clients to look through the potential weakness and focus on the value and the fact that equities are very likely to be high
what about defense stocks? >> yeah. i think when you look at the complexion of the fiscal conservatives and how small of an appearance they have in the two houses and, of course, none in the white house, that the sequester represents the only spending cuts they are going to be able to tactically do, and i think it has to be perceived in that way. >> isn't it interesting, eric, that at this point we're really not talking about the dysfunction in washington as much as we were even...
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Jan 30, 2013
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a deep decline in defense spending led to the first contraction in four years. the senior equity strategist from wells fargo advisors. great to see you back here. if the market had been ignoring the numbers, is this a wake-up call? >> the expectations were the consensus was 1-2, something like that. a weaker than expected, but we expectations to begin with. really the market is looking at things like consumer spending which is good in that report, looking at capital spending which is good, wages were okay. the market is looking at the silver lining but clearly we are in a very slow growth economy that will not change anytime soon. fortunately valuations are not stretched, they are not shaped but they're somewhat in the gray zone. those things are all helping the market. the federal reserve will tell us we have to keep pumping money in this afternoon when they announce. lori: which will continue the wealth effect. on the economy and gdp report, it was driven largely by a decline in government spending and defense spending. before the fiscal cliff deal came into e
a deep decline in defense spending led to the first contraction in four years. the senior equity strategist from wells fargo advisors. great to see you back here. if the market had been ignoring the numbers, is this a wake-up call? >> the expectations were the consensus was 1-2, something like that. a weaker than expected, but we expectations to begin with. really the market is looking at things like consumer spending which is good in that report, looking at capital spending which is...
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the drop in federal defense spending is likely due to the fears of the automatic spending cuts that have been looming in the fourth quarter as congress was dealing with the fiscal cliff issues. the white house also saying economic indicators can be volatile. similar to what jim has said, this could be a one off. we'll bring you more commentary as that comes across. carl? >> melissa, thanks. in the meantime, there is irony in the fact that r.i.m.'s blackberry 10 launch is taking place in the city named the big apple. up next, what's at stake for r.i.m. as we count down to the big unveiling. as we go to break, look at this morning's early movers. we'll be right back. >>> a mock video made squarely at developers, trying to convince them a new device was on the way and a new operating system. four months later we're in new york city, jon fortt and i talking about the launch of the blackberry 10, which will happen in the next 15 minutes. good morning to you. >> good morning. >> we've had discussions this morning about how it behoove them to lower expectations. >> yes, the stock, look at it. i
the drop in federal defense spending is likely due to the fears of the automatic spending cuts that have been looming in the fourth quarter as congress was dealing with the fiscal cliff issues. the white house also saying economic indicators can be volatile. similar to what jim has said, this could be a one off. we'll bring you more commentary as that comes across. carl? >> melissa, thanks. in the meantime, there is irony in the fact that r.i.m.'s blackberry 10 launch is taking place in...
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Jan 31, 2013
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georgetown defense was the difference. the hoyas improved to 15-4, 5-3 in best east play, 74-52 the final, hosting st. johns saturday. >>> maryland on the road at florida state. without keyshawn howard sick with the flu today. 90 seconds to go, terps by one. dez wells hits the jumper. he had 19 points tonight. maryland up three. now in the final one, florida state with possession, 12 seconds to go. ian miller in the lane kicks it out to michael snare. hits the three with one second to go. the seminoles sweep the season series. maryland falls 73-71. other scores miami over virginia tech 73-64 and american falls at home to bucknell 56-54. >>> t minus four days until t sizzle takes aim at the ravens' second lombardi trophy. that means stopping no. 7 right here, school in kaepernick, more on super bowl -- colin kaepernick, more on super bowl xlvii next. almost tastes like one of j jack's cerea. fiber one. uh, forgot jack's cereal. [ jack ] what's for breakfast? um... try the number one! yeah, this is pretty good. [ male announ
georgetown defense was the difference. the hoyas improved to 15-4, 5-3 in best east play, 74-52 the final, hosting st. johns saturday. >>> maryland on the road at florida state. without keyshawn howard sick with the flu today. 90 seconds to go, terps by one. dez wells hits the jumper. he had 19 points tonight. maryland up three. now in the final one, florida state with possession, 12 seconds to go. ian miller in the lane kicks it out to michael snare. hits the three with one second to...
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the gdp number was caused by the government spending, specifically defense spending. >> which was deficit spending, printing press! >> steve, you're absolutely wrong there. >> what does it have to do with the printing presses? >> what i'm saying part of it, you can't blame it all on government spending. >> yes, i can, as a matter of fact. i can blame it on inventory from government spending. >> hold on. >> would you be willing to admit that the foundation of the economic recovery thus far has been housing and that the fed by its policies of late have at least somewhat helped the recovery in housing which has helped the overall economy which has helped the stock market go up. >> what recovery? we're at a negative gdp. >> it hasn't helped housing but it's about to. >> a recovery in housing. let's at least establish that. >> you're saying leading the economy is housing. housing is doing better, but the economy is -- we have a negative print on the numbers. >> that's the best strategy. don't look at the details. only look at the top line and take it at face value. that's your strategy? >> con
the gdp number was caused by the government spending, specifically defense spending. >> which was deficit spending, printing press! >> steve, you're absolutely wrong there. >> what does it have to do with the printing presses? >> what i'm saying part of it, you can't blame it all on government spending. >> yes, i can, as a matter of fact. i can blame it on inventory from government spending. >> hold on. >> would you be willing to admit that the...
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Jan 31, 2013
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if you ask the defensive back of the 49ers chris culver, the answer is now. he was interviewed by a rock shock jock and was asked if there were any gay players on his team. here is how he answered. >> i don't do the gay guys. >> are there any on the 49ers? stop the tape. >> they got to get up out of here if they do. can't be with that sneak stuff. >> is that true? >> yeah, it's true. >> they might be able to play well. >> you're missing one of the most fascinating interviews. >> locker room. >> the 49ers released a statement saying the san francisco 49ers reject the comments made tuesday and have addressed the matter with chris. there is no place place for discrimination we have and always will support the lgb community. let me ask you this, the 49ers can say that, but the reason it is a shocking thing, is because nobody is openly gay. nobody is okay with it. it doesn't seem to be okay. >> you are right. as shocking as that may seem, i would say that those comments are a microcosm of the general overall thought when it comes to gay players in the nfl. i don't
if you ask the defensive back of the 49ers chris culver, the answer is now. he was interviewed by a rock shock jock and was asked if there were any gay players on his team. here is how he answered. >> i don't do the gay guys. >> are there any on the 49ers? stop the tape. >> they got to get up out of here if they do. can't be with that sneak stuff. >> is that true? >> yeah, it's true. >> they might be able to play well. >> you're missing one of the most...
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defense, if it's the defense cuts that we see, we'll certainly see further contraction in federalense spending and that will be a hit to the real economy. >> because of these, the fourth quarter numbers, the economy is stronger than you think. are there certain extrapolations like that contraction in the defense spending that we saw in the fourth quarter that may have been a little bit stronger than had been inanticipated that makes you rethink q-1, even? >> the way it was interpreting the report is that it is largely distorted. you had the massive inventory. you had the defense swing and that typically -- you typically have noise at the turn of the fiscal year, so, q-3 defense spending was really strong, q-4 was really weak. you want to look past that a little bit and i think it sets the stage for stronger q-1 gdp. but to your broader point, ultimately, we should be preparing for greater government contraction. and that's going to be a real serious hit to the economy. >> where are your projection, though? do we throw out the two quarters of negative growth? that used to be the sign o
defense, if it's the defense cuts that we see, we'll certainly see further contraction in federalense spending and that will be a hit to the real economy. >> because of these, the fourth quarter numbers, the economy is stronger than you think. are there certain extrapolations like that contraction in the defense spending that we saw in the fourth quarter that may have been a little bit stronger than had been inanticipated that makes you rethink q-1, even? >> the way it was...
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scott cohen has defense. trans union were economist, lenders and credit lenders, are concerned about how this could impact the credit of a whole generation of americans. particularly when they face the worst job market of more than a decade. they are graduating and loans go into repayments and jobs are not there to pay those loans. >> let's look at what the study found since 2007. it up more thap have all are in defersed std out while the other rower while others are still in schools. for the arts that aren't concerned, delinquency rate is way up. that's twice home mort begans and ten times the rate for credit cards. delinquent skis, that has tougher standards pb declined to about 5%. we what we still don't know is how all this debt is affecting overall credit workiness of these borrowers. that is an area of very hot, very intense. >> scott, i don't want to talk you too far afield from your immediate reporting but there are immediate solutions? >> getting the job market improve, get people jobs and to look at
scott cohen has defense. trans union were economist, lenders and credit lenders, are concerned about how this could impact the credit of a whole generation of americans. particularly when they face the worst job market of more than a decade. they are graduating and loans go into repayments and jobs are not there to pay those loans. >> let's look at what the study found since 2007. it up more thap have all are in defersed std out while the other rower while others are still in schools. for...
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Jan 30, 2013
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david you said it correctly, if you x out hurricane sandy and business inventories, defense spending cutting, we're up b 2 1/2% in gdp. that says we're growing, but we're growing at a stall speed. we need growth to be much higher. we need growth metrics to be much higher for the stock market to be lifted from where we are today to perhaps the next level, which would be 1570, 1600. we need gdp at least 3 1/2, 4 percent. we don't see that happening any time soon, but to your point, we do need it to happen. liz: one of the things that suffered was video game sales as people didn't have enough money and they were worried about it. electronic arts numbers are out right now. adam: earnings they beat 57 cents. the street was expecting 56 cents. but revenue fell short 1.18 billion. the street was expecting 1.29 billion. in a statement from the ceo despite a challenging quarter, we were able to deliver nongap eps at the high end of our guidance range and then he goes on to say we're investing for the future wave of growth that we foresee in digital and con l consul? liz? liz: let me go back t
david you said it correctly, if you x out hurricane sandy and business inventories, defense spending cutting, we're up b 2 1/2% in gdp. that says we're growing, but we're growing at a stall speed. we need growth to be much higher. we need growth metrics to be much higher for the stock market to be lifted from where we are today to perhaps the next level, which would be 1570, 1600. we need gdp at least 3 1/2, 4 percent. we don't see that happening any time soon, but to your point, we do need it...
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israel has stepped up its borders, building its defense along the golan. both sides have warned each other that they will not tolerate any attacks on their territory. this was the big concern that president assad would try to divert attention from the disarray among arab states and the number of ad asserts that he has and focus attention on the jewish state. it is a very dangerous game because israel has made it clear that whether it comes from lebanon or syria, it will retaliate with the full force that has and it does have a lot of force. >> the regional implications of this. thank you. inside of syria, conditions are worsening and opposition fighters are going to dangers links to win the war. that includes building weapons. they have seen evidence on how the syrian forces have made their weapons. >> somewhere near the border, the free syrian army is trying to get its chemistry exactly right. with the help of the a bit old- fashioned force. here they mix the are the stages of nitroglycerin using ingredients they have made themselves. the rebels insist th
israel has stepped up its borders, building its defense along the golan. both sides have warned each other that they will not tolerate any attacks on their territory. this was the big concern that president assad would try to divert attention from the disarray among arab states and the number of ad asserts that he has and focus attention on the jewish state. it is a very dangerous game because israel has made it clear that whether it comes from lebanon or syria, it will retaliate with the full...
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Jan 31, 2013
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the reason, though, is largely due to cuts in defense spending which plunged from a year ago. all of the economists we spoke to said the underlying numbers say the economy is still growing. and today chuck hagel indicated he is ready to act in iran should diplomacy fail. hagel said the window is closing for diplomacy. the same committee holds a confirmation hearing for hagel. critics say he hasn't been tough enough on iran. what he said there mirrors everybody else. john avalon writes why those critics are outside the mainstream of policy. not chuck hagel. it's been 545 days since the u.s. lost it is top credit rating. what are we going to get it back? the federal reserve says blame it on the rain. economic growth has paused in recent month and blames the weather. they will continue the bond buying program. >>> the voices of newtown. right now family and friends of the victims of the town's devastating shooting are speaking before the final hearing of the connecticut legislatures bipartisan task force. it's on gun violence and school safety. it is the first hearing of that tas
the reason, though, is largely due to cuts in defense spending which plunged from a year ago. all of the economists we spoke to said the underlying numbers say the economy is still growing. and today chuck hagel indicated he is ready to act in iran should diplomacy fail. hagel said the window is closing for diplomacy. the same committee holds a confirmation hearing for hagel. critics say he hasn't been tough enough on iran. what he said there mirrors everybody else. john avalon writes why those...
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economic growth in the united states, that's compared to the 3.1% growth in the third quarter, you saw defense spending down, federal government spending down, concerns about hurricane sandy holding back the economy and also corporate uncertainty over the fiscal cliff. again, u.s. economic growth negative at the end of the year. let me put that in perspective for you, the first decline since 2009 and it shows the economy slowed dramatically from the third quarter, when you had economic growth of 3.1%, and it's dramatically slower than a year ago when you had 4% growth. here's something interesting, a gauge of hiring though was strong. adp says private sector employers added 192,000 jobs in january, mostly small businesses and lower wage service sector jobs. u.s. stock futures are lower, they had been mixed all morning, they're lower after the gdp report. as of yesterday's close the dow was only 210 points away from an all-time high. this report could put on hold that attempt to try to take out that high. the big government jobs report is friday. today is the last day of a two-day fed meeting.
economic growth in the united states, that's compared to the 3.1% growth in the third quarter, you saw defense spending down, federal government spending down, concerns about hurricane sandy holding back the economy and also corporate uncertainty over the fiscal cliff. again, u.s. economic growth negative at the end of the year. let me put that in perspective for you, the first decline since 2009 and it shows the economy slowed dramatically from the third quarter, when you had economic growth...
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we're keeping a close eye on shares of defense contractor northrop grumm mon. they reported a profit of two cents a share after stripping other items. $1.74. revenue is above consensus. the company says it's facing a challenge this year with the fed. >> former federal reserve vice president executive and nchief economics reporter dapper sartorial and on the record today with an article in the paper. that's where i have to start with you, john. we're making money. i love when i see the fed report, they made another 10 trillion dollars, they gave it to the treasury, this is all we've got to do. your point is it's not always going to be they're on the right side of the ledger for some of these trades. how badly could it burn us down the road? >> the fed could go -- what happened, people at the fed are starting to get worried about this. a bunch of fed economists looked at that and said the fed could go four years or more without turning a penny over to the treasury because this huge portfolio of bonds they've got could turn sour down the road. they have to sell so
we're keeping a close eye on shares of defense contractor northrop grumm mon. they reported a profit of two cents a share after stripping other items. $1.74. revenue is above consensus. the company says it's facing a challenge this year with the fed. >> former federal reserve vice president executive and nchief economics reporter dapper sartorial and on the record today with an article in the paper. that's where i have to start with you, john. we're making money. i love when i see the fed...
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for a confirmation hearing is today for president obama's defense secretary nominee chuck hagel. gop senator from has faced criticism republicans that is ot sufficiently pro-israel or tough enough on iran. they also worry about his for cuts in nuclear weapons. focus one will insuring that the u.s. military is preparing for any contingency. obama's second term starting off on a high note. a new poll found 60% of have a favorable impression of the president, is his highest rating since 2009. it found that he had more positive ratings than negative refused. >> john gonzalez is kicking goals, getting knocked by guys on the field during interviews. >> new orleans is bringing out john.st in >> wearing a purple boas. >> have the redskins called for me? >> we will talk. >> it is downright chilly in new orleans. all the events and activities the big game and are heating up. ne willygg and blai take the stage tonight. from the balcony's of the french onve music jackson's career and cajun food street, fans are doing it big easy style. gnets off ouri at the cafe. message. and there is an int
for a confirmation hearing is today for president obama's defense secretary nominee chuck hagel. gop senator from has faced criticism republicans that is ot sufficiently pro-israel or tough enough on iran. they also worry about his for cuts in nuclear weapons. focus one will insuring that the u.s. military is preparing for any contingency. obama's second term starting off on a high note. a new poll found 60% of have a favorable impression of the president, is his highest rating since 2009. it...
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Jan 29, 2013
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get out of the defensive names that you've hidden in for the last few years and go long risk. >> our next guest often moves the markets and happens to rundel fi management with over $800 million under management. scott black joins us live from boston. welcome to halftime. good to have you. >> thank you for inviting me. >> i know you've been listening to the conversation here. good time to be in stocks or time to get out? >> i think it's a good time. we're not technicians but if you look at the s&p 500 at roughly 1500 it is selling about a 14.5 multiple and giving how low interest rates are and not really an alternative in fixed income by historic standards we're about a multiple and a half below the historic norm in the post world war ii era. the things i would caution though are s&p estimates are much too high at 112 reminiscent of last year above 110. we think they'll be about 5%, 6% earnings growth this year and that is where i get my multiple. overall we're feeling constructive. the only thing that could derail this would be a major brouhaha again in the congress with the preside
get out of the defensive names that you've hidden in for the last few years and go long risk. >> our next guest often moves the markets and happens to rundel fi management with over $800 million under management. scott black joins us live from boston. welcome to halftime. good to have you. >> thank you for inviting me. >> i know you've been listening to the conversation here. good time to be in stocks or time to get out? >> i think it's a good time. we're not technicians...